How Are Property Taxes Assessed in Cook County?

Cook County’s property tax system is complicated:

The value of a home in Cook County is determined by the Assessor’s mass appraisal system of sales information of similar homes in the area
Residential property in Cook County is assessed at 10% of its estimated market value, so if your property has an estimated market value of $300,000 then its assessed value would be $30,000
State statutes require equalization of assessed value so that all residential property is assessed at 33.33% of market value
Commercial and industrial properties in Cook County are assessed at different percentages than residential properties

Example Property Tax Bill

The following is an estimated residential tax bill example based on Cook County tax rates in 2014:

Estimated Market	$300,000
Value Assessment Level (10%)	x .10
Proposed Assessed Valuation	$30,000
2013 State Equalizer	x 2.6621
Equalized Assessed Value	$79,863
Homeowner Exemption	– $7,000
Adjusted Equalized Value	$72,863
Sample Tax Rate (your tax rate could vary)	x .10
Estimated Tax Bill	$7,286.30